Perhaps this was already said but I stopped reading about half or 2/3 way through the comments. There are too many!!! :)

I think SEOMoz is spending too much time analyzing PR, PR sculpting and is freaking out about nofollow. What is the bigger picture? We are all talking about nofollow and PR sculpting because we want our pages to rank better... right?

Well...

1. Google said they have made this change about a year ago.

2. Many people have used nofollow to sculpt their PR flow in order to rise in the rankings.

3. The ones who used this nofollow practice have had success. I have yet to read somebody who confirmed that PR sculpting has negatively affected their rankings.

4. Thus, 1 + 2 + 3 = PageRank is becoming less and less of an importance in rankings. IMO, this nofollow drama proves that PR is not as important as it was 5 years ago (which makes sense that Google, over the years, has been able to develop a better way to determine relevancy).

I think Google altered their algo and the nofollow anouncement officially tells us that PR is not very important in terms of ranking anymore. Either Google has developped another variable that they do not want to divulged or they have attributed weight differently, making PR less relevant.